Stablecoin Market Size Reaches $303.966 Billion, On-Chain Yield Differentiation

The stablecoin market size has increased to $303.966 billion (approximately 416.1 trillion won), and the on-chain lending market deposit yields are being compared to U.S. short-term Treasury rates. The yield varies based on the deposit and vault structure of USD Coin (USDC), with AAVE showing a yield that is 31 basis points lower than 1-year U.S. Treasury bonds, while Morpho is 65 basis points higher. According to DeFiLlama, the total market capitalization of stablecoins is $303.966 billion, with Tether (USDT) accounting for 60.31%. Data from the Federal Reserve indicates that the 1-year Treasury constant maturity rate was 4.15% as of August 28. On Aavescan's AAVE v3 stablecoin screen, the supply APR for USD Coin and Tether is displayed differently across markets, and Morpho's vault list presents Steakhouse Prime USDC V2 with a 4.26% APY and Galaxy USDC Quality with a 4.35% Net APY. AAVE has entered a phase of interest rate restructuring, while the Morpho ecosystem emphasizes curator-type vaults. A document from the U.S. Federal Register outlines a direction to prohibit interest payments related to the holding of stablecoins for payment purposes.

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